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1 – 10 of 44Anil Kumar Manchikatla and Rajesh H. Acharya
The purpose of this paper is to study the effectiveness of insider trading enforcement actions in India and international dimensions.
Abstract
Purpose
The purpose of this paper is to study the effectiveness of insider trading enforcement actions in India and international dimensions.
Design/methodology/approach
The research is based on the insider trading regulations and amendments made during the period 1992-2015.
Findings
The notable observation of the study is the dearth of insider trading conviction and the paucity of prosecution for insider trading offences in India. It is difficult to resist the conclusion that surveillance and enforcement matter more than the drafting of the relevant statutes and regulations in emerging markets. Whereas, developed countries have a better record of prosecution than emerging markets.
Research limitations/implications
Future research may explore the factors that hinder effective regulation and recommend new methods to increase the impact of Securities and Exchange Board of India insider trading regulation.
Originality/value
The current paper presents guidance for the foreign institutional investors, regulators and market participants on insider trading regulation and prosecution in India.
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Sreekha Pullaykkodi and Rajesh H. Acharya
This study examines the semi-strong market efficiency of the Indian agricultural commodity market in light of market reforms and policies. This study investigates whether the…
Abstract
Purpose
This study examines the semi-strong market efficiency of the Indian agricultural commodity market in light of market reforms and policies. This study investigates whether the market reforms have boosted the speed of price adjustment and influenced the market quality.
Design/methodology/approach
The study used the daily data of nine agricultural commodities. To precisely capture the effects of market microstructure changes, this study split the whole data into pre- and post-ban and pre- and post-reform eras. To ascertain the velocity of price adjustment, the authors used the ARMA (1,1) model, and the ADD VRatio was employed to identify the price movement on a specific day.
Findings
This study found that full incorporation of information happens sometimes. The authors noticed no gradual progress in the quickness of price adjustment. Since both methods suggested the same result for the period, the authors confirm that market microstructure changes do not enhance market quality.
Research limitations/implications
This research has implications for academicians, policymakers and market players.
Originality/value
The paper has twofold novelty. First, this is a contemporary topic, and very few studies have been done in the Indian agriculture context. Second, the study has implications for policymakers and government because it highlights the effects of structural changes on market quality and market efficiency.
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Buvanesh Chandrasekaran and Rajesh H. Acharya
The purpose of this paper is to empirically examine the volatility and return spillover between exchange-traded funds (ETFs) and their respective benchmark indices in India. The…
Abstract
Purpose
The purpose of this paper is to empirically examine the volatility and return spillover between exchange-traded funds (ETFs) and their respective benchmark indices in India. The paper uses time series data which consist of equity ETF and respective index returns.
Design/methodology/approach
The study uses autoregressive moving average–generalized autoregressive conditional heteroscedasticity and autoregressive moving average–exponential generalized autoregressive conditional heteroscedasticity models. The study uses data from the inception date of each ETF to December 2016.
Findings
The findings of the paper confirm that there is unidirectional return spillover from the benchmark index to ETF returns in most of the ETFs. Furthermore, ETF and benchmark index return have volatility persistence and show the presence of asymmetric volatility wherein a negative news has more influence on volatility compared to a positive news. Finally, unlike unidirectional return spillover, there is a bidirectional volatility spillover between ETF and benchmark index return.
Practical implications
The study has several practical implications for investors and regulators. A positive daily mean return over a fairly long period of time indicates that the passive equity ETFs can be a viable long-term investment option for ordinary investors. A bidirectional volatility spillover between the ETFs and benchmark index returns calls for the attention of the market regulators to examine the reasons for the same.
Originality/value
ETFs have seen fast growth in the Indian market in recent years. The present study considers the longest period data possible.
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Bhagavatula Aruna and Rajesh H. Acharya
This paper aims to examine the asymmetric impact of the oil price increase and decrease on stock returns at the firm level.
Abstract
Purpose
This paper aims to examine the asymmetric impact of the oil price increase and decrease on stock returns at the firm level.
Design/methodology/approach
To ascertain the impact oil price can exert on the stock price at the firm level, this study uses panel structural vector auto regression with various linear and nonlinear measures of oil price shock on a data set, containing 1,168 firms listed in Indian stock markets. This study also considers stock index returns, Fama-French factors and inflation as control variables.
Findings
This paper finds evidence that at firm level, net oil price increase and decrease have an asymmetric impact on stock returns. Other oil price shock measures, namely, shock because of oil price increase and decrease, do not show any sign of asymmetric impact on stock returns.
Originality/value
The comparison of firm-level return on its response towards oil price fluctuation can give valuable insights into a firm’s features.
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Lalatendu Mishra and Rajesh H. Acharya
This study aims to investigate the relationship between oil prices and stock returns of renewable energy firms in India under different market conditions.
Abstract
Purpose
This study aims to investigate the relationship between oil prices and stock returns of renewable energy firms in India under different market conditions.
Design/methodology/approach
The authors use the panel quantile framework with Fama–French–Carhart’s (1997) four-factor asset pricing model. All renewable energy firms listed in the National Stock Exchange of India are considered in this study. Three oil prices, such as West Texas Intermediate spot price, Europe Brent oil price and Indian basket oil price, are used in the regression. The analysis is done for the whole sample and its subgroups.
Findings
In the whole sample, stock returns of renewable energy firms respond positively to oil price changes in extreme market conditions only. In the subgroups of the renewable energy firms, the relationship between stock returns and oil price is positive and more robust in higher quantiles across all subgroup firms.
Originality/value
The contribution of the study is explained as follows. First, this study helps to explore the relationship between oil and stock returns of the renewable energy sector under different market conditions in the Indian context. Second, existing studies explore the effect of oil prices on stock returns of the renewable energy sector at the industry level, and most of the studies are in developed countries. To the best of the authors’ knowledge, this is the first study in the context of India. Third, this is a firm-level study
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Anver Chittangadan Sadath and Rajesh Herolli Acharya
The purpose of this paper is to assess whether oil price shocks emanating from oil price increase and decrease have a different impact on the macroeconomic activity.
Abstract
Purpose
The purpose of this paper is to assess whether oil price shocks emanating from oil price increase and decrease have a different impact on the macroeconomic activity.
Design/methodology/approach
This study conducts the empirical analysis using structural vector auto-regressive model on Indian data for the period from 1996 to 2017. This paper uses four key macroeconomic variables, namely, real gross domestic product (GDP), the real rate of interest, real money supply, wholesale price index inflation and various linear and non-linear measures of oil price shock.
Findings
Empirical results confirm that oil price shock has a significant impact on various macroeconomic variables used in the study. Specifically, shocks emanating from a decline in oil price have a stronger positive impact on real GDP, whereas, a shock due to the rise in oil price has a weaker negative impact on real GDP. Impulse responses confirm that shocks due to a decline in oil prices are long-lasting compared to similar shocks due to a rise in oil prices. Therefore, this study concludes that the macroeconomic impact of oil price shock is asymmetric in India.
Originality/value
This paper adds the following new insights: First, this paper presents a distinct relationship between the growth rate of oil price and GDP during increasing and decreasing phases of oil price to drive home the case for this study. Second, India has adopted crucial administrative initiatives such as deregulation of the market for petroleum products and the promotion of renewable energy during the study period. Finally, previous studies have revealed specific behavioral and economic features of people in India with respect to the demand for petroleum products. In light of these factors, this paper based on Indian experience would be justified.
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Kalidas Das and Pinaki Ranjan Duari
Several graphs, streamlines, isotherms and 3D plots are illustrated to enlighten the noteworthy fallouts of the investigation. Embedding flow factors for velocity, induced…
Abstract
Purpose
Several graphs, streamlines, isotherms and 3D plots are illustrated to enlighten the noteworthy fallouts of the investigation. Embedding flow factors for velocity, induced magnetic field and temperature have been determined using parametric analysis.
Design/methodology/approach
Ternary hybrid nanofluids has outstanding hydrothermal performance compared to classical mono nanofluids and hybrid nanofluids owing to the presence of triple tiny metallic particles. Ternary hybrid nanofluids are considered as most promising candidates in solar energy, heat exchangers, electronics cooling, automotive cooling, nuclear reactors, automobile, aerospace, biomedical devices, food processing etc. In this work, a ternary hybrid nanofluid flow that contains metallic nanoparticles over a wedge under the prevalence of solar radiating heat, induced magnetic field and the shape factor of nanoparticles is considered. A ternary hybrid nanofluid is synthesized by dispersing iron oxide (Fe3O4), silver (Ag) and magnesium oxide (MgO) nanoparticles in a water (H2O) base fluid. By employing similarity transformations, we can convert the governing equations into ordinary differential equations and then solve numerically by using the Runge–Kutta–Fehlberg approach.
Findings
There is no fund for the research work.
Social implications
This kind of study may be used to improve the performance of solar collectors, solar energy and solar cells.
Originality/value
This investigation unfolds the hydrothermal changes of radiative water-based Fe3O4-Ag-MgO-H2O ternary hybrid nanofluidic transport past a static and moving wedge in the presence of solar radiating heating and induced magnetic fields. The shape factor of nanoparticles has been considered in this study.
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Rajesh Kumar, Seema Thakran, Ankush Gunghas and Kapil Kumar Kalkal
The purpose of this study is to analyze the two-dimensional disturbances in a nonlocal, functionally graded, isotropic thermoelastic medium under the purview of the Green–Lindsay…
Abstract
Purpose
The purpose of this study is to analyze the two-dimensional disturbances in a nonlocal, functionally graded, isotropic thermoelastic medium under the purview of the Green–Lindsay model of generalized thermoelasticity. The formulation is subjected to a mechanical load. All the thermomechanical properties of the solid are assumed to vary exponentially with the position.
Design/methodology/approach
Normal mode technique is proposed to obtain the exact expressions for the displacement components, stresses and temperature field.
Findings
Numerical computations have been carried out with the help of MATLAB software and the results are illustrated graphically. These are also calculated numerically for a magnesium crystal-like material and illustrated through graphs. Theoretical and numerical results demonstrate that the nonlocality and nonhomogeneity parameters have significant effects on the considered physical fields.
Originality/value
Influences of nonlocality and nonhomogeneity on the physical quantities are carefully analyzed for isothermal and insulated boundaries. The present work is useful and valuable for analysis of problems involving mechanical shock, nonlocal parameter, functionally graded materials and elastic deformation.
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Introduction: The internet of things (IoT) is the emerging technology of interconnected objects that can be termed as ‘things’ used to exchange data, connecting with different…
Abstract
Introduction: The internet of things (IoT) is the emerging technology of interconnected objects that can be termed as ‘things’ used to exchange data, connecting with different devices on the internet. It is the future where connected devices are controlled remotely. The insurance sector is one of the leading industries providing financial protection services to their customers to recover losses. Like others, the insurance industry uses the services very efficiently to solve their customer-centric problems and provide the best services to them. IoT in insurance is enhancing customer services.
Purpose: To determine how the insurance industry utilises the different IoT technologies to provide the best services and solutions to their users. The insurance sector is working on other areas of expertise to offer outstanding facilities to their clientele.
Methodology: We reviewed published material covering five years on IoT and insurance and customer services in the media, newspapers, journal publications, and the web. We determined how the insurance sector adapted the new terminology to contribute its best services to the users.
Findings: We observed that IoT services and technologies benefit the insurance industry and the clientele. This shows excellent results in the growth of the sector and heightened facilities for the consumers.
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The purpose of this chapter is to analyze disaster exceptionalism in India, focusing on the case of Kosi river floods in the State of Bihar and their impact on Dalit communities…
Abstract
The purpose of this chapter is to analyze disaster exceptionalism in India, focusing on the case of Kosi river floods in the State of Bihar and their impact on Dalit communities. Data were gathered through document analysis and a qualitative approach based on interviews with national and local leaders and activists of NGOs and Dalit organizations. The main finding is that there are no second-generation social movements related to disasters in India, mainly in what concerns Dalit discrimination. The Disaster Management Act of 2005 reinforced the centralized and top-down nature of the Indian state concerning disasters. On the other hand, national Dalit organizations like National Confederation of Dalit and Adivasi Organisations (NACDAOR) and National Dalit Watch do not possess the expertise to alter the approach to disasters from a contingent and exceptional one to a more structured and long-term perspective.
The chapter shows how extreme events and permanent hazardous situations tend to increase the legitimacy of state intervention, often involving the suspension of social and economic norms, creating a state of exception, which indicates the inevitable presence of the state. The abyssal line that separates those individuals and groups that are integrated from those defined as disposable and invisible crosses through both the Global South and the little colonies of the North, reinforcing the logic of states that want to be bigger and stronger than their own citizens.